India continues to establish itself as one of the leading global economies in 2024, with impressive performance across various economic sectors. Despite facing challenges such as inflation and global uncertainties, the country has shown remarkable resilience, driven by strong GDP growth, increasing foreign direct investment (FDI), and significant developments in infrastructure and military power. As a result, India’s position on the global economic stage has been solidified, and the nation is steadily advancing towards becoming a global superpower by the next decade.
India is currently the fifth-largest economy in the world, with a GDP of $3.89 trillion at current prices, reflecting an impressive 8.2% growth rate in FY 23/24. This marks a significant achievement, positioning India as a major global economic player. Moreover, India ranks as the third-largest economy globally in terms of GDP based on purchasing power parity (PPP), with a GDP of $16.02 trillion, trailing only behind China and the United States. This metric reflects the country’s immense internal economic capacity, which continues to grow at a rapid pace.
The World Bank projects that India’s GDP growth will remain robust in the coming years, with an anticipated 7% growth rate for FY 2024-25. With growth forecasted to remain strong through FY 2026-27, India is on track to surpass its global economic rivals. It is expected to become the third-largest economy in terms of real GDP by 2030, further cementing its role as a global superpower.
India’s performance on global economic-related indexes provides a deeper insight into its standing across various pillars of economic development. These rankings highlight both strengths and areas for improvement, providing a holistic view of the nation’s economic health.
Global Index 2024 | India’s Global Rank | Data | Source |
---|---|---|---|
Largest Global Economy | 5 | GDP: $3.94 trillion | IMF |
Global (Military) Power Ranking | 4 | Power Score: 0.1023; Military Spending: $74.0 billion | Global Firepower Military Strength |
Largest Gold Reserves | 8 | Gold Reserves (in tonnes): 840.76 | World Gold Council |
Global Wealth Report: Countries with Growing Millionaire Population | 11 | Growth percentage: 22% | UBS |
Sustainable Trade Index | 23 | Sustainability Score: 24 | IMD and Hinrich Foundation |
Global Competitiveness Index | 39 | Competitiveness Score: 57.17 | IMD |
Global Innovation Index | 39 | – | WIPO |
World Talent Ranking | 58 | Talent Score: 40.47 | IMD |
Largest Stock Exchange (Market Cap) | 5 | Market Cap: $5.05 trillion | WFE |
India’s rising status as a global superpower is further evidenced by its growing influence in various international forums and its strategic investments in infrastructure and military development. The nation’s projected real GDP growth of 6.3% annually over the next decade, as per Ray Dalio’s Great Powers Index, is expected to help transform India into a global economic and political force.
The development of cities in India has been nothing short of remarkable. According to Savills Research, Bengaluru has emerged as the fastest-developing city in the world, followed by Delhi, Hyderabad, and Mumbai, which are also ranked among the top five. This growth is driving both urbanization and wealth creation across the country.
India’s billionaire population continues to rise, with the total wealth of Indian billionaires reaching approximately $1 trillion, accounting for 7% of the world’s total wealth. The Hurun Report for 2024 also highlights the 94 new billionaires in India, making it the third-largest country globally in terms of billionaire count, behind the US and China.
India’s employment landscape has undergone a significant transformation, with seven crore job applications in 2024, marking a 25% year-on-year surge. However, challenges remain, particularly with labour productivity, where India ranks 133rd globally, and employment-to-population ratio, which stands at 52.8%. Despite the rise in job applications, India continues to face challenges in improving labour force participation and labour productivity, which remain key areas for focus in the coming years.
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